INQ Holdings, SBI, Citigroup Top Buyers in Adani Energy's $1 bn QIP

05 Aug 2024 CW Team

According to Adani Energy Solutions (AESL), the major buyers of shares in the company's $1 billion qualified institutional placement (QIP) included a unit of Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup.

The Rs 83.73 billion QIP, which closed last week, attracted over 120 investors seeking shares in AESL, a firm involved in power transmission, distribution, and smart metering.

Investment firms led by billionaire Stanley Druckenmiller's family office were also among those interested in purchasing shares of AESL during the QIP.

AESL's filing revealed that its board approved the allocation of over Rs 80.57 billion shares to qualified institutional buyers at an issue price of Rs 976 per share. This price represented a discount of Rs 51.11 (4.98 per cent) from the floor price of Rs 1,027.

The filing detailed that INQ Holdings LLC, a wholly-owned subsidiary of QIA, acquired 15 per cent of the shares sold. Citigroup's two Mauritius funds purchased 8.88 per cent of the shares, while four SBI funds?SBI Infrastructure Fund, SBI Large & Midcap Fund, SBI Long Term Advantage Fund Series IV, and SBI Magnum Children's Benefit Fund?together acquired 7.93 per cent of the shares. Nomura Singapore Ltd ODI obtained 7.5 per cent of the shares.

Additionally, it was noted that INQ had acquired nearly 2.7 per cent of Adani Green Energy, the renewable energy arm of the conglomerate led by billionaire Gautam Adani, in August of the previous year. INQ had also purchased a stake in Adani Electricity Mumbai, a subsidiary of AESL, in 2020.

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..